Growing up I would watch my mom pull out her envelope labeled groceries at the market, and observe her draw cash and coupons from her envelope to pay the cashier. She knew what things cost and how to save money. In essence, that was her abbreviated personal financial plan. She hated debt and would talk about how credit cards made people think they had more money than reality. Her message? If you have a financial plan, you have choices.

When can I retire? How much will I need saved? What will be the tax impact of living off my retirement savings? How can I reduce my portfolio risk? Will my Social Security benefit be impacted by retirement distributions? Do I have the right investment allocation for my comfort level of risk?